As the Bitcoin market continues its unpredictable journey, notable figures and events hint at potential future movements. Currently trading at $30,377, Bitcoin is witnessing a modest rise of 1.50% this Monday.
However, a backdrop of a weakening US dollar, as pointed out by economist Peter Schiff’s dire warnings of an impending recession and inflationary depression, may have significant implications for the cryptocurrency.
Michael Saylor, a key player in the Bitcoin realm, has come forward with evidence backing the profitability of his Bitcoin strategies. Meanwhile, financial educator Robert Kiyosaki projects a soaring trajectory for gold and anticipates Bitcoin reaching a remarkable $135,000 mark.
US Dollar in Decline: Schiff’s Grim Forecast
Fearing an inflationary slump, a protracted recession, and a possible collapse in demand for the US currency, economist Peter Schiff has given a grave warning.
According to Schiff, the significant national debt and budget deficits will fuel persistently high inflation, which will cause an even more severe and protracted economic collapse.
He challenges the Federal Reserve‘s approach to combating inflation, contending that the monetary expansion and fiscal measures implemented during the epidemic worsened matters.
According to Schiff, when significant purchasers turn into sellers, the demand for the US dollar—driven mainly by buying Treasuries—would decrease, lowering the currency’s value and raising Treasury rates.
The concerning remarks from Schiff against the US dollar might have been causing some positive momentum for Bitcoin today as they are both negatively correlated.
Saylor’s Bitcoin Strategy: A Testament to Profitability
In a recent social media post, Michael Saylor, the founder, and chairman of MicroStrategy, emphasized the success of his company’s Bitcoin (BTC) strategy and stated his trust in it.
After the corporation accepted Bitcoin as its treasury reserve asset (TRA) in August 2020, Saylor posted a chart showing the cryptocurrency’s performance against several significant financial assets.
Bitcoin has increased in value by 147% since then, outpacing more conventional assets such as the S&P 500, which grew by 26%, and the Nasdaq Composite, which grew by 18%. Silver and bonds fell by 19% and 24%, respectively, while even actual gold trailed Bitcoin in its collapse, falling by 3%.
According to Saylor, this comparative performance leads one to infer that “Bitcoin is stronger”.
MicroStrategy has continuously shown bullishness on Bitcoin and has added 5,445 more units, increasing its total holdings to 158,245 units, which is estimated to be worth $4.68 billion. Bitcoin (BTC) is a cryptocurrency that is now gaining popularity.
This announcement demonstrates the company’s dedication to Bitcoin as a valuable asset, which might have increased BTC prices today.
Kiyosaki’s Take: Gold’s Ascent and Bitcoin’s Potential $135K Peak
Renowned author Robert Kiyosaki, of “Rich Dad Poor Dad,” has offered his forecasts on Bitcoin, gold, and silver prices. According to Kiyosaki, gold will shortly rise beyond $2,100 and reach $3,700. In addition, he projects an increase in silver’s price from $23 to $68 per ounce.
According to Kiyosaki, Bitcoin will first test $30,000 before rising to $135,000. He draws attention to the possible harm that inflation may bring to people who save with fiat money, or what he calls “fake dollars.”
Precious metals and cryptocurrency investments have long been endorsed by Kiyosaki, who refers to gold, silver, and Bitcoin as “people’s money” and “God’s money.” He has voiced doubts about the future of the US dollar and stated that cryptocurrencies are the way to go.
This positive prediction from Kiyosaki might have contributed to the rising prices of BTC today.
Bitcoin Price Prediction
When analyzing the 4-hour chart for Bitcoin, several pivotal price levels emerge. The pivot point is $29,208, and the immediate resistance is $31,207.
Further resistance levels are found at $32,440 and $34,473. On the downside, immediate support is situated at $29,174, with additional support levels at $27,974 and $25,942.
From a technical standpoint, the Relative Strength Index (RSI) for Bitcoin is noteworthy, recorded at 79. An RSI value exceeding 70 typically indicates an overbought market, suggesting a possible reversal or pullback.
Conversely, an RSI below 30 would signal an oversold market. With Bitcoin’s RSI currently in the overbought territory, traders might approach with a degree of caution.
The 50-Day Exponential Moving Average (EMA) further provides insights into Bitcoin’s market trajectory. Currently, the EMA is pegged at $29,037.
When Bitcoin’s price hovers above this value, it signifies a bullish trend in the short term. Specific chart patterns further reinforce this bullish sentiment.
Notably, the presence of the “Three White Soldiers” candlestick pattern and a double top pattern breakout above the $30,300 level underscores a prevailing buying trend, which is supported by the 50 EMA.
In wrapping up, Bitcoin’s trend appears bullish, especially if it exceeds the crucial $30,300 threshold. As the days unfold, market participants should be vigilant, monitoring whether Bitcoin will challenge the aforementioned resistance levels or if it will adjust based on broader market forces.
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